With $590 bn forex reserves in kitty, India now ‘net creditor’: MoS Thakur | Business Standard News

Clipped from: https://www.business-standard.com/article/economy-policy/with-590-bn-forex-reserves-in-kitty-india-now-net-creditor-mos-thakur-121020601064_1.html

India now has forex reserves of over $590 billion, the highest ever, up by $119 billion over the previous year

India now has forex reserves of over $590 billion, the highest ever, up by $119 billion over the previous year, while the external debt is $554 billion, making the country a “net creditor”, Minister of State for Finance Anurag Singh Thakur said here on Saturday.

Speaking to media persons he said the country is witnessing a ‘V’ shaped recovery post Covid-19 pandemic, which is evident by the GST collection during the past four months.

“If you see Indias forex reserves, India has forex reserves more than $590 billion, which is the highest ever. And it is up by $119 billion from the previous year. And if you look at the external debt, it is only $554 billion. So considering the forex reserves, India is now a net creditor,” the minister said.

He said the GST collections indicate that the economy is in recovery as the Government has taken the right steps saving lives and the economy as well.

The Minister said India received the highest Foreign Direct Investments even during Covid-19 times due to “decisive leadership.”

“India is standing back on its feet. The economy is witnessing a V shaped recovery. And in the month of January the total collection was close to Rs 1.20 trillion”, he told reporters in a press conference.

On the recent Union Budget, Thakur said that except the opposition parties, all sections of people had appreciated it.

Thakur said the budget estimates for the current fiscal was Rs 30.42 trillion, while it was increased by over Rs four trillion to Rs 34.50 trillion for the next fiscal.

He hoped that India would become a USD five trillion economy in the next four or five years.

Describing the budget as a “transparent one”, the minister explained the salient features of it.

On the disinvestment proposal of Rashtriya Ispat Nigam Limited (RINL) which owns steel plant in Visakhapatnam, Thakur said the Centre will decide on divesting stakes of Public Sector Enterprises from time to time, based on NITI Aayogs recommendations.

He said many companies have grown post-disinvestment and the Centre will try to talk to the RINL stakeholders.

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